Petrochemicals pressure Saudi, Gulf mostly quiet early on

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Most Gulf stock markets rose marginally in thin trade early on Tuesday, while Saudi Arabian petrochemical stocks pulled down that market.

Saudi Arabia’s index <.TASI> edged down 0.3 percent in the first 45 minutes with Saudi Basic Industries <2010.SE> slipping 0.2 percent and Yanbu National Petrochemicals <2290.SE> shedding 0.9 percent.

Al Tayyar Travel <1810.SE> fell 2.2 percent after selling its 30 percent stake in Thakher Investment for 377.4 million riyals ($101 million). The company said the financial impact of the sale would appear in the third quarter.

Telecommunications firm Mobily <7020.SE> rebounded 2.5 percent after saying the industry regulator had lifted a ban on new sales of its mobile services, after briefly imposing the ban on the grounds that the company had not hired enough Saudi citizens in its executive ranks. On Monday, it fell 2.3 percent in response to the ban.

Dubai’s index <.DFMGI> rose 0.3 percent after falling for five straight sessions, aided by banks and a slight rebound in real estate stocks.

Emirates NBD <ENBD.DU> was up 0.7 percent after payment solutions provider Network International said it was evaluating strategic options including a potential initial public offer of shares in the company. ENBD owns 51 percent of the firm.

Emaar Malls <EMAA.DU> inched up 0.6 percent and DAMAC Properties <DAMAC.DU> rose by the same margin. Ajman Bank <AJBNK.DU> was 0.6 percent lower ahead of trading in its rights issue on Wednesday.

The Abu Dhabi index <.ADI> was up 0.3 percent, helped by a 0.4 percent gain in First Abu Dhabi Bank <FAB.AD> and a 3.5 percent gain by Abu Dhabi National Energy Co <TAQA.AD>.

(Reuters)

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